Ensuring the legitimacy of property and its legal status is a procedure that is often performed before purchasing real estate. It helps to ensure that there are no obstacles to the transaction (buyer will be the sole and full owner of the apartment).
Why is a lawyer necessary?
The presence of a lawyer during the purchase process will help to avoid an unpleasant situation down the road.
Let’s look at some facts.
In 2010, 10-15 apartments with encumbrance were sold in a newly built complex in Sunny Beach, Bulgaria. The owners only found out three years later (when the notice came from the bank).
To protect yourself from similar situations, we recommend you contact the real estate agency BolgarskiyDom, which cooperates with reliable developers and sellers of real estate. This significantly reduces the risks of purchase and sale. In addition we have a staff of experienced lawyers that will ensure a smooth and orderly process.
That helps identify check legal. The cleanliness of the apartment?
Illegal alterations (any changes).
Non-compliance with construction documents.
The availability of mortgages and other financial encumbrances.
The integrity of the package of documents necessary for the implementation of the sale.
Does BolgarskiyDom ensure document viability?
Our lawyers ensure the legal viability of the purchase process, especially during the signing of the preliminary contract and before finalizing the final agreement of sale.
The very same day of the transaction, we will order a certificate of non-encumbrance of the object. We will carefully assess not only the apartment or house, but land.
If we notice anything suspicious or unusual (encumbrance, defects, etc.) the buyer has the right to cancel the transaction and return the deposit.
- the preliminary contract;
- documents of title to the apartment (to comply with the stated information or not);
- permits for construction (e.g., Act 16, superficies);
- the reputation of the construction company (the history of the company, the number of delivered on time projects and long-term construction, and the availability of credits and their volume);
- debt documents, tax returns, wills;
- information about the property on the basis of land registry documents;
- database district courts (identifying legal claims or proceedings related to your acquired apartment).
In addition, during a detailed assessment we look out for any defects and other encumbrances (e.g., using real estate as collateral on the loan).
We at Bolgarskiydom Agency will ensure the legitimacy of the real estate property and provide a certificate of non-encumbrance issued by the court. Our years of experience and understanding of the nuances of the Bulgarian legislation helps clients to avoid unexpected situations and financial loss.
